OSE Immunotherapeutics (OSE) H1 2025 earnings summary

Executive summary

• Advanced clinical programs in immuno-oncology and immuno-inflammation, with Tedopi® in phase 3 for lung cancer and Lusvertikimab showing positive phase 2 results in ulcerative colitis.

• Strategic partnerships with AbbVie, Boehringer Ingelheim, and Veloxis, and a new AI collaboration with Scienta Lab to enhance precision immunology.

• Governance changes included a new Chief Development Officer and interim CEO, with a full board renewal in September 2025.

• Cash position as of June 30, 2025, was €41.6 million, down from €64.2 million at December 31, 2024.

• Delay anticipated in the Phase 1 trial initiation for ABBV-230, impacting expected milestone payments.

Financial highlights

• Revenue for H1 2025 was €1.3M, sharply down from €69.0M in H1 2024, reflecting the absence of major upfront payments recognized last year.

• Net loss of €15.1M in H1 2025, compared to a net profit of €57.2M in H1 2024, due to lower revenue and sustained R&D investment.

• R&D expenses increased slightly to €14.8M, with general expenses at €4.5M and share-based payment charges at €2.2M.

• Cash and cash equivalents totaled €25.4 million; fixed-term deposits classified as current and non-current financial assets were €16.2 million as of June 30, 2025.

• Cash position decreased by €22.6 million compared to December 31, 2024.

Outlook and guidance

• Current cash runway extends to early Q4 2026, assuming capital increases, R&D tax credits, grants, and full exercise of remaining warrants.

• If anticipated milestones are received in 2026, cash runway could extend to at least Q1 2027.

• Additional financing or debt restructuring will be required to cover activities beyond this horizon.

• Several options under evaluation to extend runway, including new partnerships, equity financing, and debt restructuring.

• Ongoing strategic review to explore partnerships and funding options.